Kindness, honesty, and gratitude – these are some of the values that parents teach their children from a very early age. But what about being financially responsible? Teaching your little ones about the value of money, and saving it, is so valuable, and it sets them up for success later in life.
That’s where Sweet Home Federal Credit Union’s Mini Savers program comes in. It’s a fantastic way to get your child(ren) started on their savings journey.
What is the Mini Savers Program?
The Mini Savers program is a special savings account designed specifically for children in elementary school within the Sweet Home Central School District that helps teach the importance of saving, while making it fun! Enrolling your child in the Mini Savers program can yield some great benefits:
How can I get started?
The Mini Savers Program is offered at all of the elementary schools in the Sweet Home Central School District. To take part, parents must first complete a credit union membership application for the student (including a copy of the adult’s driver’s license) and make an initial deposit of at least $5. Participating students will receive a money pouch. Then, they’ll be able to make deposits to their accounts right at school!
Have questions? Contact us or call the credit union at 691-9187 today!
Dreaming of exploring the open water or the great outdoors? Sweet Home Federal Credit Union can help turn your dream into reality with our competitive RV and boat loan options.
Here’s why financing your recreational adventure through SHFCU will get your engines revving:
Hit the open road or cruise into unforgettable memories with financing tailored to your adventure. Click here to see our rates, or contact us to learn more, and apply for your RV or boat loan!
In today’s fast-paced digital world, peer-to-peer (P2P) money sharing apps have become increasingly popular. These apps allow users to send and receive money quickly and easily, without the need for cash or checks. While P2P apps offer many advantages, there are also some potential risks to consider.
Pros of P2P Money Sharing Apps
Cons of P2P Money Sharing Apps
Overall, P2P money sharing apps offer a convenient and fast way to send and receive money, but don’t offer the security and insurance of more traditional means of sending and receiving money. You also lose out on interest if you keep a balance of funds on the account instead of with a financial institution.
Imagine this: you’re cruising online, eyes peeled for the perfect deal on that must-have mobile device. Suddenly, BAM! An email with your name on it, promising an unbelievable price. Your heart races, fingers twitching towards “buy now.”
But wait! Before you fall for the oldest trick in the scammer’s book, let’s chat.
These sly scoundrels, they’re not just after your money. They want to snatch your identity, drain your bank account, and leave you feeling hung out to dry. They’ll prey on your peace of mind, your sense of security, the very trust you have in the world.
But here’s the good news: you, my friend, are a Scam Slayer in training. You’re not some unsuspecting victim; you’re a warrior, armed with knowledge and caution, ready to conquer this digital battlefield.
Sure, it can be scary. The emails, the calls, the messages – they’re designed to make you panic, to rush into a decision. But remember, a true hero doesn’t act impulsively. They take a breath, analyze the situation, and consult their trusty allies (that’s us!).
So, let’s build your Scam Slayer toolkit:
With every scam you dodge, you’re making the online world a safer place, one click at a time.
Now, go forth and slay those sneaky scoundrels! The world needs your super shield, Scam Slayer.
At its simplest form, a lease buyout is when a consumer purchases a leased asset at the end of the lease term. This is an option that many people consider if they enjoy the vehicle, or the machinery, or the technology they’re leasing, and want to keep it long term.
Here are some things to consider if you’re looking to buy out a lease:
Ready to buy out a lease? Here’s what you need to do:
Buying out a lease can be a good option if you enjoy an asset that you’re leasing and want to keep it around for the long haul. Just be sure you’re making a decision that works for you and your finances. Buying out a lease might actually cost you more in the long run. Contact us to learn more.
Owning a home is a significant milestone, and your home is likely your most valuable asset. As your equity in your home grows, you can tap into it to fund your financial goals. Two popular options for leveraging your home equity are home equity loans and Home Equity Lines Of Credit (HELOCs).
Home Equity Loans: Fixed Payments, Fixed Rates
A home equity loan provides you with a lump sum of money based on the equity you’ve built in your home. You repay the loan with fixed monthly payments over a predetermined term. Home equity loans typically have fixed interest rates, ensuring consistent monthly payments throughout the loan’s life.
Advantages of Home Equity Loans:
Home Equity Lines of Credit (HELOCs): Flexibility, Variable Rates
A HELOC offers a revolving line of credit, allowing you to borrow funds up to a predetermined limit as needed. You only pay interest on the amount you borrow, and repayments can vary depending on the balance. HELOCs typically have variable interest rates, linked to the prime rate, potentially leading to fluctuating monthly payments.
Benefits of HELOCs:
Choosing the Right Option for You
The decision between a home equity loan and a HELOC depends on your specific circumstances:
Considerations before Applying
Before making a decision, carefully evaluate:
Home equity loans and HELOCs can effectively unlock your home’s potential, enabling you to finance your aspirations. By carefully assessing your needs, exploring the available options, and utilizing the loan responsibly, you can harness your home equity to achieve your financial goals.
Complete the form below to get started, or click here to learn more about our HELOCs.
Refinancing involves replacing an existing loan with a new one, typically to secure better terms, lower interest rates, or access cash. This process involves taking out a new loan to pay off the old one. You can refinance any major loans that you have – school debt, personal loans, auto and boat loans, and of course the mortgage on your home.
Common reasons for refinancing include lowering monthly payments, shortening loan terms, taking advantage of lower interest rates, accessing home equity, and switching from an adjustable to a fixed-rate interest.
Refinance loans fall into two main categories: rate and term refinances, which aim to lower interest rates or shorten loan terms, and cash-out refinances, which allow borrowers to extract additional funds from their home equity.
The refinancing process typically involves shopping around for interest rates and terms, applying for a new loan, providing documentation, and closing the loan.
Refinancing offers potential benefits such as lower monthly payments, shorter loan terms, access to cash, lower interest rates, and greater peace of mind. However, it can involve costs like application fees, early pay-off penalties, and specific to mortgages: closing costs, appraisal fees, and mortgage insurance premiums.
Whether refinancing is a suitable option depends on individual circumstances, considering factors like credit score, interest rates, and the remaining term of the existing loan. To aid in your decision making, there are lots of free resources on the internet, such as loan payoff calculators as well as monthly payment calculators. It’s important to remember that you are in control of your finances. Lower interest rates will save you money long term. It’s never too late to refinance and there is no limit to the amount of times that you can refinance your loans.
Talk to one of our loan officers to see how we can help you lower your monthly payments and consolidate your debt!
We’re located in one of the brunch hotspots in all of Western New York, and luckily for us brunch is one of our favorite meals. Here are some restaurants we recommend checking out:
Kaylena Marie’s Artisan Bakery & Cafe
We’re lucky to have one of Western New York’s up-and-coming bakeries in our own backyard. We love Kaylena Marie’s for their decident pastries, their fresh homemade bread, and their handcrafted beverages that are made to perfection. Their cinnamon roll is to die for, but hurry, they sell out quickly!
Indulge in a luxurious Sunday brunch experience, just outside of the Sweet Home District. Dress to impress and channel your inner chef as you design your own bloody mary. Serving elevated versions of classic breakfast fare, wood-fired breakfast pizza, and homemade banana bread — 800 Maple is our favorite place for Sunday brunch.
Sometimes, the atmosphere at a diner just feels right. The coffee’s always hot, the food is made with love, and the wait staff remembers more about you than your preference of toast. Sheridan Family Restaurant is our go-to spot for their warm, friendly staff, and a hearty meal to start our day.
Click here to get to know us a little more, and learn why our members are worth more than money!
It’s never too late (or too early) to start saving for your future. With the new year upon us, what better time to reassess your finances and take steps towards investing your money wisely.
You’re probably thinking “I’ve tried to simply ‘save more more,’ and it’s gone poorly in the past.” Well yes, saving money can feel like an uphill battle. But what if you had a secret weapon? A map, a compass, a lighthouse guiding you through the calendar year? That’s exactly what setting a New Year’s saving resolution can be.
Ditch the “save more” mantra, we find it’s like trying to navigate with a blindfold. Instead, plant a flag in the distance, wherever that may be. A vacation, a rainy day fund, a new home, etc. This becomes your North Star, your reason to weather every financial squall.
Next, transform your goal into a blueprint. Research, estimate, and break it down into bite-sized milestones. This clarity turns saving from a nebulous chore into a strategic game.
Define your savings goals for the year or even by quarter, then work backwards to figure out how much money you should move into your savings account each month.
Now, hold yourself accountable. Consistency is key to forming new habits. Every dollar saved is a brick laid on your financial foundation. Find a savings schedule that works for you, and stick to it. If it’s weekly, bi-weekly, or every month, be sure to stick to the plan. Even when money is tight, you can always decrease the amount saved, but don’t sell yourself by not investing in your future.
But don’t forget the fun! Celebrate every milestone. Put your savings into perspective. Knowing that daily coffee runs can wait while your future self sips piña coladas. This conscious effort isn’t restrictive; it’s empowering, a deliberate investment in your dreams. Celebrating these mini-victories, every time you transfer money into a savings account, nourishes your motivation and reminds you why you’re on this adventure.
Finally, visualize the finish line. Picture yourself reaching your goal. Whether you’re moving into your dream home, or letting the good times roll on your dream getaway. Imagine the feeling of sitting atop a fortress of financial resilience, that you built brick-by-brick, drop-by-drop.
So, ditch the ambiguity of “save more.” And remember, by the time 2025 rolls around, you’ll be basking under the shade of your own financial oasis.
Need help getting to your financial oasis? Contact us, and let our team of financial experts get you there.
